PPR rumoured to be circling Richard Mille

A story published by Reuters today has speculated that PPR is in talks to buy Swiss watchmaker Richard Mille.

According to an “industry source”, a deal with the French luxury and sports brand group PPR, which owns jeweller Boucheron and fashion brands Yves Saint Laurent and Gucci, could value Richard Mille at between CHF340million and CHF 400million (approx £236m and £278m).

The Reuters report added that 51% of Richard Mille would initially be acquired by PPR with the possibility of that share increasing and that Richard Mille would be “locked” into the business as shareholder and chief executive for a number of years. The source told Reuters that the transaction would be unlikely to close before early 2014.

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PPR is a majority shareholder in Sowind, which owns watch brands JeanRichard and Girard-Perregaux.